Precious metal miners advance after Allied Nevada production update

A number of precious metal miners are advancing after Canadian miner Allied Nevada Gold (ANV) reiterated its production guidance. WHAT'S NEW: Allied Nevada Gold said that it was on track to meet its previously announced production guidance of 90,000-100,000 ounces of gold. The company said it had sold 27,256 ounces of gold and 174,766 ounces of silver in the first quarter, and plans to sell about 7,200 ounces of gold and 43,200 ounces of silver in the second quarter. Allied Nevada added that it would be able to complete the expansion of its Hycroft mine on schedule, and without exceeding the total budget of $1.2B it had originally set for the project, The mine is slated to open in the first quarter of 2015. TODAY'S PRICE ACTION: In mid-afternoon trading, Hecla Mining (HL) climbed 8.4% to $4, Tahoe Resources (TAHO) added 4% to $18.75, Royal Gold (RGLD) rose 3.2% to $68.45, and Allied Nevada Gold (ANV) jumped 22% to $14.45.